The properties of acrylonitrile-butadiene rubber (NBR)/poly(vinyl chloride) (PVC) blend based microcellular (MC) sheets were studied. A comparative evaluation of suspension-grade and emulsion-grade PVC based MC soles was done. The study stressed the optimum percentage precure, the blend ratio, amount of plasticizer, and the concentration of blowing agent required for obtaining optimum physical properties of NBR/PVC blends. It was found that NBR/suspension PVC blend based MC sheet shows better abrasion resistance, split tear strength, and hardness, and low water absorption. NBR/emulsion PVC blend based MC sheet shows higher expansion, extralight weight, and lower density. Replacement of a part of DOP by amine-terminated liquid natural rubber (ATNR) increases the cure rate and improves split tear strength, hardness, etc.